In Y2023 H&M Ukraine was already profitable

March 11, 2024

While Zara is just about to return to the Ukrainian market, the H&M chain, which resumed its activities in November 2023, has already booked an annual profit.

According to the company's financial statements, its turnover for 2023 (actually - for the second half of November and the whole December) amounted to UAH 242 million, which exceeded the figure of the previous year (actually - January-February) at UAH 151 million.

The dynamics of the company's revenues in recent years is shown in the graph below: hm-ukraine-revenues-2023-12

H&M Ukraine revenue income, profit 2023

The operating profit of the company in the reporting year amounted to UAH 27 million, net profit UAH 22 million.

The amount of cash in the company's balance sheet as of December 31 amounted to UAH 740 million, therefore, since Ukrainian companies owned by foreign entities cannot pay dividends to their shareholders due to currency controls restrictions imposed by National Bank of Ukraine, we can expect further development of the stores network in Ukraine (as an alternative to pile up cash).

Returning to Zara, its operating legal entity Inditex Ukraine in 2023 received a loss in the amount of UAH 405 million (in 2022 UAH 681 million).

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